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points, will prices skyrocket, the latest on the unfolding drama in syria with debbie business secretary of defense kitty mcfarlane joining us to talk about what president obama should do about it now. ashley: home prices omri's the the kissel report is a look in the rear view mirror. what does it mean in the keys of rising interest rates? lori: the above administration's economic team, charlie gasparino's exclusive reporting and who could be next to join the lineup. dennis: is not your father's would remark and was your father's it senior chinese communnst official or russian oligarchic. a new brand of luxury emerge in as global wealth disperses to less than 1%. cheryl: sandra smith is at the cme has oil jumps 3%. let's begin with lauren simonetti at the stock exchange where the dow is down big.
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lori: near session lows, 3 points away, the stock is intensifying as we get later into this session. we get economic data, it wasn't terrible on home prices and consumer confidence but nonetheless syria being the main headline this is what investors are focused on. is not the only culprit to the. we can't forget the debt ceiling, the fed pays back, all these are painting a picture is that these final four days in august, finally i point out of the vix index, 1643 spiking, the past two days dramatically. another market, very low volume. back to you. ashley: concerns about syria driving ener top $109 a barrel on worry the u.s. and other western nations will worsen the conflict in syria and that could disrupt oil supplies. sandra smith has more on this from the floor of the cme. sandra: important to point out
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the primary concern isn't syriac's oil production driving oil prices higher in today's session but if there's a conflict there and if we do see the u.s. act with military offense it would affect border countries like iraq and other larger oil producing nations bordered by syria. we are seeing a spike in commodity prices across the board. the big ones to watch, oil prices right now and hear their highs of the session up $3 and nearly $109 a barrel. we had been above $109 a barrel earlier in the session but hovering around there now. we are talking $110 a barrel oil here so this is a significant development for the energy market. we are seeing a safe even happening as well as those oil prices skyrocketed, bold getting a lot of attention at $14.19 a flounce, not only above the 1400 level but it has surpassed it by $20. right now near its highs of this
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session of $26 now also this market is on pins and needles waiting for redevelopment on syria out of the united states and by the way we are also seeing bond prices skyrocketing as well as stocks go down, bond prices up, even play and energy rocking the. back to you. dennis: thank you very much. lori: now the latest developments on syria, pentagon officials say u.s. forces are ready to act at any moment once the president gives the order and reports say that could be as early as there is a this week. joining us former assistant defense secretary fox national-security analysts quote t. mcfarland lenin as on the telephone. the queue for your time. what is the u.s. military objective? a few predicted many times in iraq and egypt kicking out the current leader can open up more and even worse problems. >> i don't know what the objective is, they haven't come
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out and said what our goals are. on kerri yesterday said we will punish assad. to what end? we are going to deter him from using chemical weapons. what if we attack on thursday and assad still uses chemical weapons after words? lori: is there a way to take out the chemical weapons? we learned such a harsh lesson in iraq. went into caught the tween the incontrovertible proof. we are getting close the don't have it. secondly what we need to do we need to acquit allies, it cannot look like america jumping in to another civil war in the middle east trying to get involved. this should be the world community coming together, not
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everybody in the world, we need to make it clear we have no interest in getting in the middle of this civil war, no interest in choosing sides and getting out. lori: can you pinpoint but chemical weapons? can you take out those chemical weapons with a missile strike or do you have to have boots and the ground? do you know the particulars of that? >> some say you have to have. on the ground. everything i read from credible people that i trust say that you can do this from a standoff, you can have ships in the mediterranean, tomahawk cruise missiles equipped in a certain way but if these syrian chemical weapons depots, we know the israelis have done this, they have bombed and taken out syrian chemical weapons sites, i don't know why we couldn't be able to do that but if we go and think we are going to topple assad or kill assad what is the next
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government that goes after assad? al qaeda. the predominant group and the rebels is not well meaning secular liberals, it is al qaeda. lori: that horrible situation and the human tragedy is john dropping. is horrible, thank you for sharing your analysis with us. sandra smith brought this to our attention at the top of the hour, stock markets of a dock and the safety and play under way, rotation to the safety of bonds, gold and the dollar to a certain extent. tune in at 7:00 p.m. tonight, lou dobbs tonight, i am filling in for him this evening, joining me is special guest tom mack and tyranny of the u.s. air force, we will talk about what the president should do about syria and now. ashley: home prices are moving up. the case schiller index for june was in line with estimates, it rose 2% over a month earlier but prices were up 12% vs. last year. our next guest says as inventories grow expect prices
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to fade as we head into fall months. joining us is meghan mcgrath, executive director and senior homebuilder analysts, as inventory rises this magic number, 6%, you won't see prices fall down but they will level off. >> they should level off. you look for the month supply, the best number to look for. we will get that and existing homes sales come out and new home sales. we are. six months of supply, ron 4 or 5 for six to nine months. it is a seller's market. as we get closer to six months supply you won't see prices dropped but you'll see the pace slowed a little bit. ashley: for people about to buy or sell, this is normal, six months of inventory on the market. i can remember going to 2008 in the depths of the financial collapse we read supply, it will take years to get rid of that. >> and it did.
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we worked through the inventory and in late 2011 we saw the distressed inventory leave the market as investors got into the market and brought it out and that is what we sought in 2012-2013. a lot of that inventory helped stabilize prices and when employment started to get better feeling of a more comfortable, prices started despite. ashley: brown 4-3/4. i saw in vote wahabi for 0.75%. is that going to go much higher. will be above 5% in november? >> we could be. we will see what the fed does in the next couple months, hard to predict what happens now. ashley: being at 5%, will that weigh about potential future sales? did we bring all those potential sales in the future to the forefront earlier to get in a lower interest rates? >> it is not all we need to
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think about when we forgive housing.% mortgage rates helping with the recovery along time ago, we probably did take some buyers out of the market when it rose 100 basis points earlier in may and people are rethinking can i afford this? what we need to pay attention to is not monetary but employment getting better, incomes getting better. ashley: are we back to normal? i read one metric that we have to build, this includes apartments and stand-alone homes 1.7 million units a year and averaging 900,000, seems to me we are below where we should be. >> we are below normal building levels and below household formation or number of units that it come on the market because of a low economy, low immigration. housing recovery has years ago. is slowing a little bit versus where we were in the beginning of the year. ashley: lot of sellers and buyers looking for a jump and this might be the moment. have a great day. here we go again. next showdown in washington
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kicking into high gear as the treasury department warned we don't have as much time to solve the problem as first thought. lori: so much for profit warnings. beating the street, next, charles payne, making some blame on today's reseller earnings. ashley: bill ackerman's tail between his legs, walks away after an attempt to overhaul the company. it fails. [ shapiro ] at legalzoom, you can take care of virtually
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ashley: stocks may be selling off, charles payne is in the house, you're speaking about the retailer stocks. charles: last week retail, the last few weeks, mostly teen retailers, for the most part missing the department stores. and today's and that are out suggests there are other thing is going on. women are finally spending money
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on themselves. and the kids come first and husband gets a lot of stuff and the retail stocks, and there was not a bad number. and did you ever go to d s w? webmac i am obsessed because it is i candy. charles: but great value. >> you spend money on your kids. charles: last night on both show, the making peer market special, and hypothetically and owning the stock even before the earnings are out, up 8% and talking about a double-digit gain in the month, hasn't bought the track yet and i'm trying to
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encourage turned everyone to make a move. something interesting, an amazing number, tiffany beat, the stock is rolling back because you look at the u.s. part of the business, does not look great. i am holding the stock because we talked about this not because i love they are doing but they are doing so poorly, someone will stay set-aside, we will do a better. lori: this confidence numbers of little goldilocks? charles: go back ten years it was 115 then, back before, 145, before the recession, languishing in the 80s. we have the new normal with these confidence numbers no where near the type of spending we used to have so that is why i don't think they moved the needle much on the market. ashley: keep it here on fox business. to make money with charles payne, he will the special this evening making a market that's:00 eastern. don't miss that. charles: talk about selling
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today -- ashley: 18% of your holdings in j.c. penney. at half of what you paid for. i am looking forward to 6:00 p.m.. time to check in with lauren simonetti on the floor of the stock exchange, we are not going to talk about losers like j.c. penney, but tech losers. who are they? >> when you have a dance decline of 1:6 lot of companies to choose from. we are talking about blackberry and facebook, both stocks down 3%. we will hit blackberry first. earlier this month the company said they are exploring strategic options which would include putting the company out for sale. deltona is reporting that messaging service could be spun off and go on desk stops. the other is facebook. after being dubbed three days in a row. lori: let's go to j.c. penney which is in the news after resigning from j.c. penney's board, hedge fund manager bill
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ackerman cutting the rest of his ties with the company selling his entire stake in the struggling retailer. the sale brings his failed campaign to overhaul j.c. penney to an end. he is the biggest shareholder and retailer told the team% stake. $0.16, $13.51, down what the door hit you in the back. connell: adam: best buy it plans to sell 20% in the company, under a plan he can start selling the undisclosed amount in october but has no control over the timing of the sale, shares of best buy have doubled in the last year. but today the news of all this is dragging that stock lower. lori: rising costs of devastating wildfires out west, ash from the fires is bringing down on the water supply for 2.6 million people in the san francisco bay area. adam: the debt should down coming quicker than thought
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>> in massive wildfires in yosemite national park continues to grow larger but officials said they're making progress on a rim fire which is 20% contained. officials say they expect no water or power from ash coming down on a reservoir that supplies san francisco. second teenager arrested in the beating death of a world war ii veteran in washington is due in court today. he was arrested early yesterday in connection with last thursday's beating death of 80y delbert builton. dimitrius glenn is being held on $2 million bail. students in the midwest targeting of school hurleys this week because of a heat which. calls in nebraska, iowa, both
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the caught ups and illinois central and home early yesterday. many schools say air conditioning systems don't extend throughout the entire building. those are your news headlines on the fox business network. back to lori and adam. webmac no air-conditioning in school more common than you realize. u.s. treasury secretary jack lew saying our nation will hit its debt limit in mid october, leaving congress little time to agree on a solution upon their return in september. rich edson joins us from washington d.c. with more. >> when lawmakers return they have an immediate task to avoid a government shutdown on october 1st. once they got that out. treasury secretary jack lew says congress has until mid october and the administration refuses to negotiate over the debt limit. i sat down with speaker john boehner a few months ago. he says any increase in the debt ceiling must include conditions. >> the president can say this
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but he is person who when he was united states senator voted against increasing the debt limit so this is probably a political football. this year we have the highest amount of revenue to our government we ever had in our history and still have $1 trillion budget deficit. we have a long-term spending problem that has to be resolved. >> what republicans want? still figuring that out. they want to have a policy of increasing the debt ceiling, at a number of meetings on this, ask for tax and the entitlement reform, delay in obamacare, curbs on federal regulation, adoption of house budget committee chairman paul ryan's budget that balances of the ten years and approval of the keystone pipeline. they put all that on the table. no idea where they are going to go specifically. only a month and a half left to negotiate the republicans don't have an opening offer to negotiation, the administration says they refuse to have.
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back to you. lori: another budget battle over the debt ceiling. thank you, which. >> shake up for the economic team, charlie gasparino's exclusive who is in, who is out and the impact on the white house economic policy coming up next. >> the crazy land florida is going to to save its disappearing coastline. adam: looked at who is up and down, only one is up, chevron. [ male announcer ] how do you get your boce?
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dow. how are we faring right now? >> adam, the selling is just intensifying right now on wall street. this is the s&p 500. i want to show you the chart. it is all red. it is ugly. as you can see we're at the lows of the session. everyone is worried about syria but there are some issues upcoming traders are talking about. of course volume is light. that exacerbates things. bank of america is the second worst performer on the dow. a lost financials are down. jpmorgan, six biggest banks are down. they were down better than 2%. they were unable to get a federal judge to dismiss a mortgage fraud uit that case is going to trial. that date, september 23rd. back to you. adam: lauren simonetti, watching as you said, down 141 points right now. thank you, ma'am. lori: the situation in security is causing a flight to security in all asset classes. you can see a big bid into the security of u.s. treasurys.
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there is the long bond, the 30-year. it was ups the price was up a full point and you're looking at the yield which is down six basis points. when you buy treasurys it pushes the yields lower of course. looking at 3.7% yield on the 30-year note. oil is up. gold is up markedly all on fears and concerns emanating from what the u.s. reaction will be to the syria conflict. adam: we're watching it here at fbn. lori: also according to fox business correspondent charlie gasparino a shake-up in president obama's economic team is likely. charlie is here with exclusive details. >> gene sperling. lori: we talked to had him many times on the show. >> smart guy. from the clinton administration. economic advisor bureaucrats, spanned various jobs and administrations key play another clinton and obama white house. leaving job as head of council economic advisors. lori: what bank or hedge fund.
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>> i always fet this wrong. economic council. this was created during clinton years. i think it was 1993. bob reuben is one of his associates i guess you could say, bob reuben has a whole bunch of followers. one is tim geithner. another one is larry summers and gene sperling. they're all over bought particularly in democratic administrations. what he is talking to people on wall street, that speak to me, unfortunately for him. he is likely to leave next couple months. adam: i wants to make some money. >> near the end of his tenure with had job with the obama administration. it is unclear what he wants to do, why he is doing it. people on wall street are telling me it's the obvious reason. guy's been in government a long time. been out of government somewhat. in 2008, right before the obama was elected to his first term he was counseling wall street firms. made a few bucks from goldman sachs, did some peach speeches and that's where a lot of people
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are speck laying he is going. he is telling people he is definitely out and going to leave his post. the guy likely to replace him, jeff sites, on the short list but who knows. senior advisor to the president. businessman, entrepreneur. acting head of omb we understand set guy on the short list to replace sperling. a guy that obama likes, trusts, along the lines, philosophically along the same lines as sperling, moderate liberal on economic policy. more business experience. he has done more business stuff if you look up his bio. that's where we are right now. it is kind of interesting because all this is happening, you know, where he is signaling he is leaving, gene sperling when we have the budget fight we're gearing up. he is right in the middle of it. looks like that will be his last thing. adam: he will still be there for
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the battle? >> yeah. he is telling people, ed henry done good reporting, our white house correspondent, what he is hearing it is a couple months away. it is not imminent. not leaving tomorrow. he is probably, going to be part of these budget negotiations which are huge. there could be theoretically another government shutdown or sequester, what you want to call it. it could be nasty stuff. he is a key player in that. that job is interesting. the national economic, whatever, what was the exact name of it again? lori: go on. >> the economic, the national economic council. i keep forgetting the name of that. lori: a lot of consonants in the title. >> think of who held it before him. ruben. larry summers. larry lindsey. sperling took over for summers but the job has somewhat, i say been downgraded in recent years in the obama administration not because they don't play a role
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which they do. summers obviously played a role. remember, valerie jarrett called so many of the shots. in the past it was treasury secretary or someone in this job. bob reuben was close to president clinton and became treasury secretary. valerie jarrett, advisor, doesn't have long resume' economically is kind of a point person and particularly on domestic and economic policy that makes these jobs somewhat rest develop lant. adam: sperling in a different era being tied to larry summers and bob reuben would be a big plus. mr. summers whether he comes next federal reserve president, all the adjectives, people don't like him, bob reuben, role at citi making big bucks. >> he tried to explain it a few times. i wrote a book about the financial crisis. i interviewed him. i was covering him at the time. bob reuben did a very good job. gave a lot to this country as treasury secretary. i think where he will have a hard time living down why he did
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not take a more active role at citigroup in terms of managing risk. he will tell you his job was not to do that. i came back and told him, he was a special advisor -- adam: investment committee. >> no. it was, he was the head of the, some sort of intersanctum that gave advice to the ceo. in that case it was chuck prince and later vikram pandit. he was also on the board. i told him, minute you're on the board, bob, you're on the hook for losses. adam: we should talk about that another time. >> fascinating -- lori: maybe just read his first book. adam: i read it. >> that was my third, dude. lori: golden years. golden opportunity for investors. the publicly-traded senior living stocks that could add years to your portfolio. adam: the tide closing in on florida. the state scrambling as its award winning beaches disappear. the fate of miami's tourism industry is on the line. we've got details for you next.
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1.3 million u.s. employees are on its health care plans. in detroit a federal judge moved up the a hearing on the city's eligibility for bankruptcy. instead of october 23rd, egin on september 18 to determine whether detroit is insolvent and if the city negotiated in good faith with its creditors. texas is home to four out of top five cities for u.s. business. baltimore was fourth and hughes to infifth. rankings are based on growth rates, local taxes and regulations. that's the latest from the fox business network, giving you the power to prosper.
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lori: who wants to intentionally step on broken glass when you go to the beach? well some florida beach communities are actually talking about putting it in the sand. joining me now from miami beach
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is fox's phil keating. hi, phil. >> hi, there. down here in florida, sand is is like gold. it draws millions of tourists every year which contributes $70 billion to the state's economy. believe it or not because of erosion constant along the coastline, you can see it with the three or four foot drop down to the surf over decades, miami-dade and broward counties dredging offshore supplies to rebuild the beaches. now these two counties have run out out of the offshore sand supplies. they're gone. this is creating quite the environmental and economic crisis of the future in these two southern florida counties because, it brings up the idea maybe one day people would not longer be able to bury themselves in the sand, play games or build sand castles. >> samples obviously came from some sort after green bottle.
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>> broward county a literally green solution. taking recycle bottles, crushed and ground as same size and course of natural sand to rebuild beaches that way. all the testing so far shows great promise. >> we looked at toxicity compared to beach sand. we looked at bacteriological, micro biological functions compared to beach sand. it is similar. everything seems to indicate by all physical and biological measures it is, you know, performs as sand. >> the last and final ten for broward's glass beach idea is out in the ocean to see how the grains of glass perform with the surf especially with the coral and sealife concerns. as for all of the tourists whose opinion is very important, whom we caught covering themselves quite enthusiastically in the sand, well the idea of doing the same with broken recycled glass, led to some sharp opinions. >> he said that he would not get in the water because the glass
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is dangerous. >> he is afraid of getting cut? >> yeah. >> it is natural. sand is glass. same thing. one process ad different way. one is coming naturally. it doesn't make a difference. sand is sand. let's get the sand on the beach. however it comes. >>'s mentioned, glass is made from sand. heated up to 3700 degrees fahrenheit. as far as market ability in the future if this all goes according to broward environmental plans, the seen and feel of same has to be pretty much the same. based on samples it was. without beaches you really lose hurricane protection. so it's of ppramount concern not only economically here in florida but environmentally as well. back to you in new york. lori: let's see what happens with glass on the beaches instead of sand. phil keating, keep us up-to-date on it. >> all right. lori: so the golden years may be a golden investment opportunity as baby boomers enter their senior years and people overall are living longer.
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a new aarp report finds there will be fewer care options for aging americans. a handful of publicly-traded senior living stocks may benefit. jmp securities analyst peter martin covers the industry and joins from us san francisco. welcome, peter. >> welcome, good day. lori: so this report shows the good news we're living longer but the bad news is there will be likely be fewer people to take care of us, correct? this is the foundation for thesis and outperform rating on these senior care facility is correct? >> very true. the demographics say there will be less children to take care of baby boomers and children will be working two jobs to afford their own cost of living. so it does leave a little less help at home, than traditional generations. lori: so there are four senior living facilities that are publicly-traded that you would have outperform rating on them. tell me about the health of this industry right now and why also you see the growth potential. >> there are four public players in the industry.
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the industry is coming off a bottom, following the great recession. it bottomed out at about 86.8% occupancy and is up over 89% occupancy now, which is halfway to last cycle's peak. so this is a private pay industry. this does not have to do with medicare or medicaid, which makes for a much more healthy industry for these operators. lori: let's name them. capital senior living. ism know we have stock boards for our viewing. emeritus corporation. brookdale senior living are three that you prefer. 89% occupancy rates. how do you see the industry playing out structurally? do you see consolidation? do you see new players popping into the field? as we mentioned baby boomers are just becoming senior citizens. more of us are living longer. we're just, population is exploding around the world. >> from a trend line basis we expect a moderate, steady
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recovery given the economic situation we're in. we do expect the industry to go back to plus 90% occupancy. there has been tremendous consolidation since the early 2,000s in this business because it is very capital intensive. so as you scale, you're able to generate bigger cash flow profits which allows you to continue to buy other providers. for new providers to come into this industry require as tremendous amount of capital, proper staffing and proper operating model. we actually see more consolidation coming amongst operators. due to that scale and that leverage on the profitability model. that is why the four public players who have access to capital should continue to grow at an accelerated rate versus the industry pace. lori: so you mentioned that these operators do not take any federal, any government money. so it is all out-of-pocket paying from senior citizens or their families. is it cheaper than say home care? >> well, you're right, this is a
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private-pay model. think of it as apartment rent. you'reyou're saying certain levels of care, somewhere between $2,000 and $6,000 depending on the level of services you need. it is cheaper on a monthly basis than a full-time home health aid. whether private duty nurse or a home health aid that is providing a higher level of acuity. if you total up those hours during the month this is cheaper because you still need to add in your home service costs. when you eliminate the home, the cable bills the phone bills the utility bill, the maintenance on your home, the insurance -- lori: peter, let me squeeze in one more question, interest rates and overall health of the housing market. how vulnerable is this section, senior living care facilities we're talking about to the overall housing market and its ups and downs? >> these companies do use leverage to grow. a hire interest rate will have higher interest expense but we do not think it is as
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investment-rate sensitive as people might think the stocks have paused here with the rise of interest rates. we think it present as great buying opportunity for long-term gains. lori: thank you so much, peter martin. >> thank you. adam: we want to check in on how your stocks are performing. we want to do that with keith bliss who is on the floor of the new york stock exchange. keith, a lot of people will tell you analysts and banks tend to follow the market. an am compel of that would be we're down on the dow, 115 points because of syria. isn't that fair? is that fair? didn't investors and traders understand that syria was already priced in. >> that is a fair assessment in my mind. here is the problem with syria right now, escalation and hostility, especially in the words of the state department, the narrative of the state department, this has gotten a lot more serious. they clearly laid groundwork to suggest that a chemical weapons attack has occurred. i will leave analysis on all that to people smarter on such matter than me. the mere fact they're laying groundwork and prepping
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everybody there will be some sort of a military attack from the united states. the problem is not necessarily syria or bashar al-assad it is downstream effects or overflow. what will iran do? block the straight of hormuz blocking a third of the world's oil supply making to the market? those are fears inside the market. what is interesting the first timm in a long time we're seeing normal relationships within trading. gold is down. treasuries are up. you see those relationships right there. it's a little troubling though. i don't want to underestimate what could possibly happen in syria right now. adam: is there any kind of time horizon when we might zerotation gone to protect investments, come back into equities. two, three weeks? >> i'm not sure. it will all depend on what the united states does, whether it is a precision attack in the next couple of days, which is basically a spanking that they will give to syria for using the chemical weapons or if it is something a little bit more long term. we could see downward pressure on equities and go even further. we think in our work for
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everybody to note, we get oversold in the market with the s&p at 1631. we're almost there right now. a little bit more push. i would probably in the short term buying equities as long as hostile invective from both sides calms down. that would be a good time to step in and buy some and ride it up a little bit. adam: a lot of people are listening to you right now, keith bliss. thank you very much. >> my pleasure. lori: move over michael kors or saks, there is new luxury in town. what they are buying and here's a hint. you won't find it at your local outlet mall. , next ♪
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adam: it's not your father's luxury market unless your father is a senior chinese communist official or russian oligarch. they are emerging as global wealth emerges. could extreme materialism in china and russia could it signal a top for the emerging markets? he coined that phrase about it is not your father's wealth. let me ask you, are they topping out? there are all kinds of indications you buy a skyscraper to show how wealthy you are. now they are buying yachts. >> if you look at bubble market, japan in the 1980s or 1999 '90s or has companies big trophies or like a luxury yacht maker or building a hotel in a city. adam: the biggest hotel in the world, he has been outdone. >> been outdone by the president of u.a.e. and emir of abu dhabi,
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one in same person, has a 300-meter yacht. new record for not only size and but speed. adam: what about china? you have an elite group, the communist party which controls the state businesses and they have been becoming incredibly buying. what are they buying? what does it mean for luxury brands? tiffany, michael kors? are they yesterday's news?% who is the luxury brand? >> we're talking about higher luxury not what we're talking about in the u.s. lvmh hoping stores in seoul and europe. ritz-carlton hotel building brand new luxury hotels in cities in china a lot of folks don't even know where they are. it is spreading to a lot of different areas. adam: those uber-luxury, high per luxury brand are charging, i read in ritz, cheaper than the holiday inn at newark. are the brand going to make money? >> obviously it is capacity utilization in a hotel.
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how many folks you get to stay there. ritz-carlton and luxury hotels have a good understanding of their consumer. they don't make small bets. they have to buy land and build the hotel so they're thinking this through. adam: front page of the ft is talking about the chinese debt and slowly inflating bubble, whatever stance you take. could be a long haul to make money couldn't it? >> old saying rich includes what is happening with the bubble bursting. adam: f. scott fitzgerald, let me tell you about the very rich, they are different from you and me. will the chinese wealthy change what we consider luxury here in the united states? >> that is change here. center of gravity of. top wine auctions are not in london or new york, they are hong kong. adam: i disagree with you, the top wine auction in miami, florida, where they say it is so hot. thanks for joining us, nick. >> thank you. lori: next hour, stock losses are accelerating. the dow is down 122. that is not the worst level of
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the day as expectations rise for a military strike on syria. doing coattae joins us with us next hour of fox business with ashley webster. i'm sticking around here too. don't miss it. when we made our commitment to the gulf, bp had two big goals:
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ashley: welcome back, everybody, i'm ashley webster. lori: i'm lori rothman. stocks tumbling today while oil, gold, surge on fears military action against syria could be days, even hours away. the dow is down 123 points right now, falling further below 15,000. the selling is picking up. ashley: putting the brakes on housing recovery. home prices jumping last year, but, there is new evidence that mortgage rates are slowing things down. one housing expert tells us what to expect next. lori: regulators targeting banks with rising number of probes and fines. american bankers association chief frank keating says bank customers will ultimately pay
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the price. he is our special guest ahead. ashley: first as lori mentioned, top of the hour. let's look at the stocks. let's go down to the nyse. lauren simonetti, as lori said, selling picking up, down 123 now on the dow. >> it is certainly ugly, ashley. at one point the dow was at 14,800. it can go below the key 14,000 level. the broader market is down as well. sharp selling is going on as well. we're seeing the vix index spike. was up yesterday and up 15% in two days. oil back above, it was above 10seconds ago. gold is back in a bull market. this is your typical fear market right now. looking at yields, investors obviously pouring into the safety of treasurys, now. yields are down a little bit the at moment. so that's the market. we got data today. it wasn't terrible. june home prices, according to case-shiller they did not raid a
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little more than expected. we looked at the monthly advance. higher mortgage rates are one of the culprits. folks are focused on syria and the fact we'll likely hit the debt ceiling in mid-october. back to you. lori: one-two punch for investors long on this market. lauren, we'll see you in a few minutes. >> all right. lori: we'll talk with ing chief market strategist, doug cote tee, he says the stocks are place to be for good returns as long as you don't mind a little volatility. we'll begin with syria. if you could explain to me. we're seeing classic flight to safety. bonds are up. gold is up. oil is up. why is involvement with syria would disrupt markets? >> let's put it in context. when with you talk about the good, the bad and the ugly, the good, developed markets turned the corner on economic growth. u.s. is growing. japan is growing. europe is even growing now. i categorize syria as the bad.
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i don't think this is going to escalate but you never know with these geopolitical risks. this is the bad. but we also do have the ugly in the asian financial markets, the asian emerging markets where bond yields are going up. currency is going down. so but don't forget the good and i think in some cases, this is volatility that is normal. that i can see through the other side if you focus on the good. lori: i suppose to drill down you understand egypt and suez canal and spike in oil because of disruptions in production supply, correct? again getting back to syria, is it fair to say, would you agree this is some sort of an excuse to sell, if the markets were still frothy by some accounts, a little overvalued, this was a good reason to come back a bit? >> i would take the opportunity to build a full allocation portfolio. @ight now i think, i do think investors are, are a little gun-shy right now.
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so any excuse at the drop of a hat, not that syria is a drop of a hat, but i would use this as an opportunity to get fully allocated into equities, like you said, big caps, small caps, but also don't forget the bond side. if you want true volatility control in's rag rate environment, floating rates, senior loans is a good place to be. but it is a way, a time to get back fully allocated in a cheap way. i think syria, suez, canal, remember, the united states is becoming energy independent. so you have a lot of oil coming from middle america that's coming to the gulf coast. so we're not as dependent upon or at risk of the sue weighs canal closing as we were a couple years ago -- suez canal. lori: given the market as pullback of late how would you advise your clients to invest now? mid-cap you call them the middle child syndrome. let's start there.
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you put out floating rate notes suggestions. start with stocks. mid-caps, why? >> mid-caps and i would even say small caps the favorite spot of investors this year, in particular is the u.s. domestic equity market but if you look at it, small caps are outperforming large caps. mid-caps are outperforming as well. and, mid-caps are companies that have the wherewithal of a large company but the growth potential of a small company. and they tend to get missed by asset allocators. so i call it the sweet spot of equity market. you want to be in mid-caps is the place to be for returns and for risk control. lori: and for sectors, we are talking about the retailers. many of them beating to the upside surprisingly so. so consumer discretionary one of the industries you're in favor of, correct? >> consumer discretionary are not just winners this year. i think only health care stocks are ahead of them. they have been for the past three to four years near or at the top.
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consumer discretionary has been the biggest beneficiary of kwan quantity, monetary stimulus, and i think, that continues. the housing recovery, they're spending more because housing as you reported case-shiller is going up. so consumer discretionary will continue to be the place to job many analysts an strategy -- strategists recommending floating rate notes. tell me why those are a good bet in this environment. >> they have higher secured status in the capital structure and so they're safer than maybe a high yield or, but they also have the ability to reset their rates every quarter roughly. so in a rising rate environment if you have a bond that can reset their rates higher it's safety and gives you a hedge against rising rates. lori: that rate is reset correlated to the broader markets to the 10-year note, is that how it works? >> yes. lori: got it. doug, thanks so much. >> you're welcome. ashley: concerns that a missile strike on syria could be days or
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perhaps even hours away is giving a big boost to oil and gold. both are up sharply. sandra pits in the -- smith in the pits of cme with the trade. sandra. >> ashley, a drop in the oil chart but we're sitting at six-month highs as we speak. we topped $109 a barrel. we're just below, a penny shy of that, up more than three bucks on the session. remember the primary concern isn't that if there is a u.s. strike on syria, it isn't the actually supplies within syria that are a concern. it is not considered one of the bigger oil producers in that region but it is home to some major sea routes and pipelines and lies in close proximity to the pipelines and sea routes like the suez canal just to the southwest border of syria that are essential to transporting the world's crude. if there was an attack, the speculation in the trading community we could see a supply disruption. you're seeing that premium
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priced into a barrel of oil. hitting six-month highs. brent crude, european benchmark contract they're too seeing significant gains, trading a 5-dollar premium to the wti, the west texas intermediate contract. guys, we're watching oil markets to see if there is a strike. that reportedly will happen on thursday at some point. gold is attracting all those safe haven investors right now. gold prices are up 23 bucks on the session. at 1416 a troy ounce. not only are we above 1400 right now, we're firmly above there. a lot of traders talking about the syria premium going into these commodity prices. by the way talked to trey knippa, trader from knight capital, he brought up an interesting point concerning oil price, he think there is only dollar, $1.50 syria premium in crude oil. he is saying fundamentally we should be at these levels because we're not seeing
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abundant supply of the world's crude. keep that in mind maybe this isn't all syria. we're still maybe looking at a fundamental situation that prices are following as well. ashley: good point, syria. $109.04. clearly at $109 a barrel. getting more expensive. lori: now more on the syrian crisis. u.s. forces are in position and ready to strike if ordered. fox news's jennifer griffin is at the pentagon. jennifer. >> u.s. officials say any strike on syria is likely to last hours, not days according to u.s. military sources. there are no plans in this initial mission set to go after assad's chemical weapons. first of all it is not possible to carry out a surgical strike on chemical weapons storage facilities. in fact assad is estimated to have 1,000 tons of those materials. such a strike could unleash the chemicals and lead to a lot of death and destruction according to these sources. any plans to secure assad's chemical weapons would require
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special operations and boots on the ground. that is not on the table right now. the u.s. has four u.s. navy destroyers in position and at least one nuclear powered submarine in the eastern mediterranean. the brits have another submarine in the mediterranean for use in potential strike. during the libyan operation 2 -- 211 tomahawks were fired, most of them from submarines. each u.s. navy destroyer carries up to 90 tomahawks at one time. defense secretary chuck hagel has spoken to his british and french counterparts by phone today and told the bbc in an interview that u.s. forces are, quote, ready to go. the timeline is being set by a number of factors. at this point the sources tell me that the they're working through nato. emergency meet something scheduled for brussels on wednesday. british prime minister david cameron called his parliament back for a vote on thursday. no military action will happen before then i'm told. u.n. weapons inspectors are
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scheduled to remain in syria on sunday. unlikely a strike will occur while they're on the ground. a source says action could be taken as early as thursday and likely within the next three to five days or sometime over the weekend. back to you guys. lori: many thanks, fox news's jennifer griffin with that report. ashley: the debt deadline, mid-october. it is coming up quick. the treasury secretary warning that congress must facts to raise the borrowing limit. more on that looming battle straight ahead. lori: plus new mixed signals on housing. one real estate expert helps us make sense of rising prices and mortgage rates coming up. first a check of oil and metals again. a flight to safety underway because of the conflict in syria. you see a big spike in the price of crude today. up 2 and three quarters of 1%. we're back after this. [ male announcer ] at his current pace,
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no. [ male announcer ] share more. save more. at&t mobile share for business. ♪ do you mind grabbing my phone and opening the capital one purchase eraser? i need to redeem some venture miles before my demise. okay. it's easy to erase any recent travel expense i want. just pick that flight right there. mmm hmmm. give it a few taps,'s taken care of. this is pretty easy, and i see it works on hotels too. you bet. now if you like that, press the red button on top. ♪ how did he not see that coming? what's in your wallet? lori: hey, how about we make money with charles payne? this hour he is looking to add online urban city guide to your stock portfolio. >> yelp, yelp. let me tell you, guys, this is funny, yelp couple weeks ago had
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amazing earnings report and the stock went through the roof. a couple of weeks i've been telling people about yelp. so many people use yelp. do you guys? ashley: yeah, i have. >> i would say 95% didn't know it was publicly-traded. the other 5% that new knew you didn't own the stock. i bring this up because i like yelp. it pulled back from the highs. earnings estimates are great going forward. i think the whole investment thesis is there. maybe the stock got ahead of itself which is fantastic. you want companies with great earnings great guide dance, great reaction. when the market pulls back you have a list of names you want to go into and yelp is at the top of the list. ashley: there is room for growth you're saying? >> there is tremendous room for growth. i also think it is intriguing on the special i'm doing, "making your market" at 6:00, it is also reflection of america in some
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ways. on one hand we love each other. we take advice. here we take advice on shopping restaurants, home, beauty, auto, travel. we love each other. we'll listen to strangers. then on the other hand we ran out of bullets that is the america we live in. that is one of the reasons i love the stock market. things that regular people use incorporate in their daily lives i want to try to connect the dots. i like the fact that yelp pulled back. had a great earnings report. maybe it will be a volatile stock but it's a high growth stock. i like it a lot. lori: since my son's direction is spot on and i know where everything is -- you. >> know where all the cool stuff is instinctively? i believe that. lori: i have radar. >> can we take you public? lori: i think i already am. ashley: with lori. >> you have to symbol already.
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i will see if lori is taken. lori: i hate to be debbie downer, we have new lows, down 143. ashley: that took the laughter. >> thanks a lot, deb birks thank you, charles. lori: on an up note we'll watch you at 6:00, charles's special, "making your market." can't afford to miss it. >> thanks. ashley: as we mentioned markets hitting new session lows. lauren what is going on? >> i'm the real debbie downer here. the dow is struggling to hold 14,800. seven stocks moving down for everyone that is moving up so it is really ugly. i will show awe bunch of movers all in the retail sector. jcpenney is first. yesterday we found out bill ackman selling entire stake in the company. that stock was all over the board today. it was best performer in the s&p 500 but now down here. a lost volatility with very
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heavy volume. we're watching barnes & noble and best buy. their retail chief selling a third of his stake. best buy founder, richard schulze will sell part of his 20% stake in his company starting in october. back to you. ashley: lauren, thanks very much. we'll check back in at the bottom of the hour. lori: trouble signs for housing loan rates and inventories rising? are we headed for another downturn? real estate expert john burns weighs in next. ashley: we'll see how the u.s. dollar is moving right now against some foreign currencies. really a mixeded bag. euro moving higher against the dollar. the brittish pound is moving lower. we'll be right back. [ male announcer ] imagine this cute blob is metamucil.
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>> at 21 minutes past the hour i'm lauren green with your fox news minute. defense secretary chuck hagel says u.s. military forces are ready to strike syria at once if president obama gives the order. hagel speaking to bbc television the navy has four destroyers in the mediterranean sea within targets of syria as well as warplanes. support is growing against the syrian government alleged use of chemical weapons last week.
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firefighters gaining ground against the huge wildfire burning in yosemite national park the rim fire remained 20% contained this morning. cool temperatures and higher humidity this week could give crews the upper hand. those are the headlines on the fox business network. back to ashley and lori. that is good news. ashley: lauren green, thank you very much for that update. home prices jumping 12% in june from last year. but pace is slowing according to the latest case-shiller report adding to mixed signals with surge in home sales. joining to us make sense of all this, john burns, ceo of john burns real estate. it's a little confusing, isn't it, john because we do get a lot of mixed messages but is the overall message that the housing recovery is still in place, it is just taking its time to get traction? >> the message is the housing recovery is very much in place. it was accelerating too quickly.
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now it is accelerating less quick lift i think that is the right way to look at the data when you boil it all down. ashley: we've seen prices in all 20 cities rising on a yearly basis. 24-point% in vegas. 24.5% in san francisco. i understand vegas because it fell so far, has a long way to come back as is the case in phoenix but that seems like a large number for san francisco. >> well it is and tech-driven and almost bubble like feel in the san francisco market. every market in the country is starting to behave very differently and you pick ad couple big ones. san francisco is all tech driven. that has nothing to do with las vegas. that was a massive overcorrection correcting back to normal. >> we mention rising interest rates. are they at the point now where that is slowing our recovery down? it has gotten at love people to jump off the fence to get into the market but is it impacting
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first-time home buyers? >> i don't think it is impacting them too dramatically although the entry level buyer is slowing down. the color we're getting is, the quality of the buyer is not the ago. the person coming in to buy a home has more credit problems than they did before. i think we worked through pent-up demand of buyers. we're dipping a little deeper. not the 4.5% interest rate. the fact they can't document three years of income or outstanding collection issue and poor fico scores. ashley: 20% down payment is tough for a lost folks. >> right. ashley: as a result, john, do you think banks will get more lenient on the fico scores and a little more forgiving as we see number about people coming into the market slowing down? >> i think banks will get a little more forgiving but they're only still in the camp
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that will be do mortgages for most part insured by the fed ral government or they can off-load to fannie and freddie. they haven't started putting riskier loans on their balance sheet if you will and i don't see that happening. obama called together a committee a couple weeks ago said what in the world is going on with qrm? we need dodd-frank qrm rules defined here so the banks know what the rules are and they can start underwriting more aggressively. ashley: as you pick apart the latest trends, average size of a new home is exceeding levels reached during the housing boom which is kind of interesting, isn't it? is it because those people who can afford it they want their mack mansion now? they can afford later in life with a little more money to spend so that's why they want the bigger home? >> all the consumer surveys we do, we have a big survey where we survey 20,000 people every year, everybody is looking for a bigger home. if you look for a retail stock, pretty much small, three
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bedroom, two bath home and builders for years are building bigger homes. i don't think that is going to change. people are saying, more baby boomers are moving down but number about people moving up is much bigger. ashley: to recap, john, we're in some what are of a pause mode right now as we digest some of these facts and see rates going up and all of that but eventually does this lead to a bit after pull back as we head towards the end of the year and pick up again next year? is that what you're expecting? >> i'm expecting the pace of growth to slow down from the 20% year-over-year price and sales volume growth we've been seeing, now more to something maybe half of that, which is, would be a healthy recovery. ashley: probably a good thing. john burns from john burns consulting talking to us about the housing industry. thanks so much. >> my pleasure. lori: breaking news. direct your attention to the dow jones industrial average. clearly accelerating here with the dow off 159 points right now
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at session lows. of course all ice on syria. u.s. involvement likely i am men. you have a flight to security with bonds up, gold up, oil up. no surprise and we'll keep an eye on markets but looks like -- ashley: it is one of those days. lori: one ever those days. syria perhaps giving an cues to market or egypt situation unstable. >> a bit of both i think. lori: thank you, ashley. on deck, white house debt ceiling warning comes as there could be big changes ahead for the west wing economic team. details ahead. ashley: plus banks peacing a wave of new regulation and dodd-frank has not gone into full effect yet. american bankers association frank keating will tell us how it could impact the economy. that is coming up next. as we head into break look at some of the winners and losers on the s&p with the dow off 160 points right now.
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>> all right, it is ugly on wall street. extending the losses just off of the session lows down 154 points. all eyes on syria and the u.s. imminent involvement. what is the sentiment at the new york stock exchange? lauren: it is all about syria. that is what is important, that is what traders are focused on. they are all playing the way they are supposed to in a market that is scared. at 16.88 right now. that may be the high of the session up over the past two days. this kind of shows you what is going on in the market.
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this is a stock that opened at an all-time high, their highest point in the history of the company now it is down 1.5%. they raised their full-year numbers but investors are saying the market is down right now, and there are problems with this company. the health of the americas. also, 25% of tiffany sales are there, that is the customer that is struggling.
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ashley: inspires confidence, doesn't it? also, if possible shakeup in the president's economic team. charlie gasparino reporting gene sperling is telling people he is likely leaving his post as director of the national economic council and on the short list to replace him is director. the white house did not deny any account. the departure or his replacement. keep an eye on that. >> it is a revolving door. ashley: breaking news, oil prices soaring $3.09 write at $109 a penny per barrel.
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the close, what is going on, a gain of only 3%. lori: dodd-frank less than halfway complete even paul volcker has been critical of the propulsion. they have been pushed to speed up in plantation, but should we start all over again? here is former economic advisor. governor, it is great to have you with us. the "wall street journal" arctic article the other day says they have gone too far. are the bangs at risk? >> i think customers and borrowers are at risk because the boxes are worshiping place in are so narrow that the first-generation homebuyer, the first generation entrepreneur, the young person or immigrant is going to have a hard time
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accessing credit. it is wonderfully president met with the seven regulators in this space. the question is what was discussed and the most important question was, is, did the president say got this right, make sure you get it right, coordinate together and loan money, don't freeze up the financial system so we can build this economy better than a half a percent or 8% per year. lori: the credit freeze, do you think banks have learned their lesson not taking on too much risk so they can keep the wheels of lending? i suppose the glaring exception would be the jpmorgan trade. how do the banks learn the lesson not taking on too much risk? >> capitals have better than 20%, american banks have never been better capitalized and any institution in the lending business will have some risk. the fact i borrow money from you
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suggest not borrowing it from you. the problem is in the mortgage space the new qualified mortgage rule says you have to have 43% debt to income ratio in order to have a mortgage loan that can be sold successfully in the market. what does that mean for seniors who want to move to florida and don't have that kind of income, or lower income people like in puerto rico, a tough ice cliff to climb. we have to get back to where we have high capital, prudent underwriter's but they make loans based upon character and the belief on the part that this loan would be paid back. to have rigid fence lines, to be prescriptive always to say we will smash you into camp dust if you do anything on the lending side, you will freeze lending and have less prosperity and less economic growth. lori: they may feel they are caught between a rock and a hard
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place. trying to avoid too big to fail. but also to your point have this tremendous pressure to lend for the economy in motion. so where is the compromise, what is the proper balance? >> common sense. the fact secretar secretary lu h the president when these seven regulators met with them, that is an extremely good sign. the conversation shouldn't be only let's get this repertory bread is up and running. the question ought to be and the comment ought to be how can we encourage banks to lend? 90% of our bank members at the american bankers association is a billion and less in assets. those are committed bank they keep communities going and if they are discouraged from lending because they will be slapped on the wrist by the regulators, that is not good for the economy and surfing not good for ba borrowers trying to get o that. lori: governor, would you be in favor of watching interest rates rise ever so slightly to increase a borrowing cost for the borrower?
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>> obviously interest rates will rise, and i think once the fed decides it will play a normal role in the economy and not an abnormal role in the economy, senior citizens are killed as you well know and have heard and read and said because of these enormously low interest rates. a healthy economy will see some balance in rates but hopefully not so high where you stall out economic growth on that end as well. lori: thank you for the conversation. >> my pleasure, thank you. ashley: stocks approaching the final hour of trading. the dow up 153 points, checking in with a trader on the floor of the new york stock exchange. lori: five days since the nasdaq halt. what happened, what caused it, and investor confidence is at risk. elizabeth macdonald follows the story next.
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the big bid into u.s. treasury's today wishing the 10-year yield 2.71%. back after this.
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>> i am adam shapiro with your fox business brief. all marked will offer health care coverage for same-sex domestic partners of u.s. employees beginning next year. walmart is the nation's largest private employer and more than
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half of the company's 1.3 million u.s. workers is on the health care plan. a federal judge has moved up a hearing on the bankruptcy instead of october 23. oral arguments will begin september 18 to determine if detroit is insolvent and if the city negotiated in good faith with its creditors. consumer satisfaction with american-made cars is slipping. scores for five of the eight domestic brands are down compared to scores for european and asian brands. that is the latest from the fox business network giving you the power to prosper.
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ashley: five days after a glitch literally paralyzed nasdaq
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stocks for three hours in all the u.s. markets, still no one has the answers on exactly why this happened. is this a case of finger-pointing or just plain confusion? we get the bottom line with elizabeth macdonald. this was a big deal flash crash. no answers, why not? liz: good to be with you. they're working hard to get to the bottom of the answers. the reason why we don't have any answers yet is the nasdaq and the nyse see this as a black eye for the public relations as they are both fighting to get listings as direct edge has merged and could surpass them in listings. you talk about the tweeter ipo coming out. they are both avoiding the black eye, the pr black eye. they don't want to take responsibility, either of them, for what happened. as we broke the news on the three-hour halt, we were
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reporting there were connectivity issues between nyse electronic exchange, and the connectivity with the information processor that dictates and feeds out close to the market of nasdaq traded stocks. this is one of the worst market disruptions in trading history so the fact investors still don't know the answers to what happened with the plumbing underpinning the market is a big deal. i want to give you more information. what we are hearing according to people close to the matter is when they had trouble connecting with the information processor on the nasdaq, the repeated attempts overwhelmed the servers and locked up the nasdaq, so what we are hearing is the nyse is saying these collectivities are routine. they happen all the time. for the nasdaq to say this is a big deal is a problem because the issue is nasdaq has to be exposed for exposing the technical glitches.
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what you are going to see is another possible statement. we know the sec has called for a meeting on september 12. you will probably see a statement, nobody takes the blame, you will see these tranquilizing generalizations where they say there was connectivity issues. if this happened on a 10 billion share volume day or a lot of volatility, you would have seen a huge fallout, a bigger fallout for the stock exchange connected to this problem. the fact that happened on a low volume day means the nasdaq and the nyse escaped even more problems down the road. we are still tracking the developing story. any statements we get we will deliver them back to you guys. ashley: thank you. they still don't know what caused it, so technically it could happen again. lori: stocks are in selloff
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mode. joining us now, what is even scarier a few moments ago when the selling appeared to be accelerating. how do you see this session wrapping up? >> the same. we are bumping against critical support levels, we cvs and be being oversold where you step in and take a shot at buying some and rally up, so we have been bumping down around there. it would not surprise me to see us touch that. as long as the frederick drags out, the market selloff could be at oversold level. lori: that is the headline. thank you. ashley: we will be tracking the market every move until the close. also ahead, amazon art. what is selling and whether the oonline experiment is paying of.
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lori: managed to find a few gainers on wall street today. the nasdaq winner sears, direc directv, with solid gains. back with more after this.
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lori: concerns about syria and potential u.s. involvement are sparking a deep selloff on wall street today. the dow at about 1%, the nasdaq down 2%, the s&p 500 off 22 points or 1.5%. you do have a flight to safety under way here.
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ashley: amazon is setting its sights on the fine arts world. amazon art features everything from affordable prints the lesser-known artists to multimillion dollar works. but before you click and buy, speak with an expert. joining us now, art advisor. thank you so much for being here. it is fascinating you can have a piece for instance packaged from home. among the books and all the other items you can buy on amazon. around 4.8 million. is somebody truly going to go online and buy a painting like that? >> i don't think somebody will have the gumption to click and buy $4.5 million painting online without first talking to a gallery, discuss in the catalog information in depth and setting up an appointment to see the
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piece in person. it definitely will attract many visitors and you never know what you might catch. ashley: there are over 4000 pieces of art accessed through this site. does this have an impact on the big auction houses, the subtleties? >> the big auction house already has an established brand and they are considered the foremost authorities in the art world so i don't see a lot of people leaving their websites to shop on amazon and look for art but having said that it adds to the level of interest and appreciation for art overall. ashley: how do i know i am getting what i think i am buying. how do i know it is the real thing? >> i think it is critically important to find out as much as you can about the artwork before buying it. the history of the artwork and ownership. when you are searching for art online on amazon i would highly recommend contacting the seller
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and ask them for documentation on previous ownership and to review those documents with a fine tooth comb. ashley: is it a good investment? is art a good investment? if you do your homework it could be there. >> there have been very lucky collectors over the years, locke is very important. you're absolutely right. there are so many people who believe in art as an investment, such a higher risk gain, i would proceed with extreme caution. it requires specific access to quality works of art, inside knowledge on the rising stars, that could be very difficult. ashley: this is good for them, it gives them the possibility to get in front of millions of people, right? >> this is great for the art
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market in terms of getting under known artists exposure they may not have had before. that is a wonderful thing for these artists to have another venue and a platform to present their art. for millions of visitors to see what they are really made of. ashley: do you think this will be a success, i think it has been done once a for a while back. back before the internet was not what it is today. >> it quietly went away about 10, 15 years ago if i am not mistaken. it is a different world now. high-speed internet, people are a lot more comfortable with surfing the web as well as our viewers are more comfortable using it as a place to sell their wares. ashley: you may be able to get
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something, take a gamble. thank you so much for being here. appreciate it. lori: fantastic alternative investment. so the world politics, we will continue the discussion through the trading day. i'm sitting in for lou dobbs, special guest, with what president obama should do about syria right now and implementations to the global market. ashley: coming up on "countdown to the closing bell," the stock market is falling. the threat of the u.s. military intervention in syria growing more serious. some of the stocks hardest hit and where you should be investing. that and the rest of the market action straight ahead. cheryl casone is here with "countdown to the closing bell." don't go away.
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but tracking all the aion and hearing everything from our marketing partners, the media and millions of fans on social media can be a challenge. that's why we partnered with hp to build d the new nascar fan and media engagement center. hp's thnology helps us turn millions of tweets, posts and stories into real-time business insights that help nascar win with our fans. folks have suffered from frequent heartburn. butetting heartburn and then treating day after day is a thing of the past. block the acid with prilosec otc, and don't get heartburn in the first place. [ male announcer ] one pill each morning 24 hours. zero heartburn.
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♪ cheryl: i am cheryl casone in for liz claman. his last hour of trading and if you have been anywhere near the television or anywhere online today you have heard a lot about syria. potential u.s. intervention in the conflict after the alleged chemical attacks, wall street is watching. development of the middle east very closely. affecting everything from oil prices to airline stocks are of course the of gold. we are down 145 points, very near session lows for the day. here are your commodities, jumping up close to 2% per ounce right now, $23 backing off a little bit. oil the big story here, it is a gain of almost 3%.

Markets Now
FOX Business August 27, 2013 1:00pm-3:01pm EDT

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TOPIC FREQUENCY U.s. 30, Us 12, Nascar 8, Assad 8, Bob Reuben 6, Hp 6, Lori 6, Florida 6, San Francisco 6, Ashley 5, Lauren Simonetti 5, John Burns 5, J.c. Penney 5, S&p 5, Sperling 5, Schwab 4, At&t 4, America 4, Charlie Gasparino 4, Broward 4
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